Trout, Dolphin, Wale, and Fish own a publishing company that they operate as a partnership. The partnership agreement includes the following:

a. Trout receives a salary of $20,000 and a bonus of 3% of income after all bonuses.

b. Dolphin receives a salary of $10,000 and a bonus of 2% of income after all bonuses.

c. All partners are to receive 10% interest on their average capital balances.

d. Any remaining profits or losses are to be divided equally among the partners.

Information regarding capital balances are as follows:

a. Trout had a beginning balance of $75,000. He withdrew $20,000 on April 1 and invested $36,000 on October 31.

b. Dolphin had a beginning balance of $50,000. He invested $40,000 on April 30, withdrew $25,000 on September 1, and invested $32,000 on December 1.

c. Wale had a beginning balance of $50,000. She invested $45,000 on May 1 and withdrew $20,000 on July 31.

d. Fish had a balance of $47,000 all year long.

Required: Determine how a profit of $105,000 would be allocated among the partners.